Barclays to cut 3,700 jobs in strategic review

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By Gerald Heneghan

Barclays has announced it is to cut 3,700 jobs in an effort to reduce its running costs by £1.7 billion.

As part of a strategic review announced today (February 12th), new group chief executive Antony Jenkins set out a number of commitments and actions that aim to mark a change in culture at the financial institution.

Commenting on the move, he claimed the goal is to make Barclays the “go-to” bank for its stakeholders.

“We have today set out a new course for the future of Barclays. I am extremely proud of the way our 140,000 staff have overcome the difficulties of the last year and shown the resilience necessary to deliver the results we announced this morning,” Mr Jenkins said.

The majority of job cuts are set to affect Barclay’s investment bank and the announcement follows the release of results that show a nose dive in pre-tax profit at the group during 2012.

In detailing its commitments, Barclays suggested it would focus investment in the UK, US and Africa, as well as maintaining an “appropriate” presence in Europe and Asia.

The group also said it would reduce running costs across the board by operating in a more efficient manner.

Speaking to the BBC, Mr Jenkins claimed he was not daunted by the timescale involved in changing people’s perception of Barclays.

“It will take years before people change their impression of us,” he said.